Astral Poly Technik, a manufacturer and marketer of advanced CPVC plumbing system, announced on Thursday the board of directors has approved the acquisition of balance 24% of equity share capital of Resinova Chemie, a subsidiary of the company, at a value of Rs 730 million from Vijay Parikh. Post-acquisition, Resinova Chemie shall become wholly owned subsidiary of the company.
The board of directors approved preferential issue of maximum 14,04,762 equity shares to Vijay Parikh at Rs 420 a share or at a price determined by Chapter VII of SEBI ICDR Regulations, whichever is higher. The preferential Issue is subject to approval of shareholders by passing of special resolution through postal ballot.
Shares of the company declined Rs 1.25, or 0.29%, to trade at Rs 426.90. The total volume of shares traded was 158 at the BSE (10.10 a.m., Friday).